Friday, February 6, 2009
Would you like to pay for your coal with credit or debit?
Minyan Peter at 'Buzz and Banter':
Per MasterCard, from the third quarter to the fourth quarter total credit sales in the US fell almost 4.5%, and globally, measured in dollars, the decline was almost 9% quarter on quarter. Further, and contrary to what I was expecting, debit too saw quarter on quarter declines. And at the risk of stating the obvious, the fourth quarter includes Christmas.
Never in my near 25 year career have I seen a Q3 to Q4 decline in volumes. They just don't happen. At least not until now.
(Minyan Peter is a former treasurer at a large U.S. bank - AM)